February 2025 Seattle Housing Market Update

Here are the bullet points from the newest press release from the Northwest Multiple Listing Service (data is from the full month of January):

Activity was up in January, both month-over-month compared to December and year-over-year compared to January of last year.
The number of closed sales increased by 10.8% year-over-year. This shows that demand from buyers has increased, despite rising interest rates.
The number of homes for sale increased 44.6% year-over-year throughout the entire NWMLS.
Keyboxes located at listed properties were accessed 40% more than in December (January is usually a lot more active than December), but keybox activity also increased by 10% compared to last January.
Questions still abound regarding affordability, and the political and economic factors that influence it.
When either prices or interest rates increase (both of which have), affordability goes down.
New immigration policies and tariffs on imports from Canada and Mexico would have an inflationary impact on home construction costs.
“All of this suggests that the affordability of homeownership, which has been declining, will continue to do so.”

To read the full press release, click here.